Oil up on Strait of Hormuz worries
Oil prices rose today, Monday, due to the prevailing uncertainty surrounding the reopening of the Strait of Hormuz. Iran indicates that an agreement with Oman regarding the maritime passages is in its final stages, while the United States continues to demand other conditions be met, including compensation for Iran over its previous attacks. Brent contracts increased by 0.87% to $84.28 per barrel, and West Texas Intermediate rose by 0.69% to $78.72, after both fell by over 7% last week amid expectations that Iran and Oman would reach an agreement to open the strait, which previously saw about 5% of global oil supplies pass through before the war. The Iranian side emphasizes that the passage will not be reopened until Washington's conditions are met, clarifying that tensions in the region are leading to higher prices and increased risks for the global oil market.
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